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Don’t make these mistakes with your retirement savings
Nobody wants to run out of money in their retirement, but making the wrong financial choices could affect your ability to retire comfortably. Even if you take steps to prepare for your retirement, you could be overlooking these four common…
Simple mistakes could have major consequences
Even if you start your retirement with sizable retirement savings, you could end up depleting your resources earlier than you thought. If this happens, it will leave you relying on your Social Security to cover your expenses for the rest…
Is retirement within reach for you
We all want to retire early, but we do not want to worry about money. Early retirement will require dedicated savings and investing and a good solid financial plan that will maximize the difference between your income and expenses. How…
How to live comfortably on Social Security alone.
According to the Social Security Administration, among elderly Social Security beneficiaries, 12 percent of men and 15 percent of women rely on Social Security for 90 percent or more of their income. The estimated average monthly benefits for all retired…
No 401(k), not a problem
What if you don’t have access to a 401(k)? Don’t worry; various alternatives can help you save for retirement. Those alternatives range from individual retirement accounts to health savings accounts and beyond. Patrick Villanova explains even if you don’t have…
Military retirement tax free
Military retirees living in five states will soon stop paying taxes on their military retirement. Military retirees residing in Indiana, Nebraska, and North Carolina will see the changes become effective with the 2022 tax year; retirees living in Arizona and…
You’ll regret delaying your Social Security claim in this situation
Many financial experts advise against claiming your Social Security benefits early since it’s financially advantageous to wait until 70 to start collecting your maximum benefit. But there are some circumstances where you may be better off claiming your benefits as…
Rely less on Social Security and more on your own savings
According to the Social Security Administration, if you retire at age 70 in 2022, your maximum benefit could be $4,194. However, the average Social Security beneficiary will receive a monthly payday of $1,657. Although most of us will not receive…
Working in retirement
Earning more money is always a good thing, except if you are retired and collecting Social Security. But how can earning a higher-income paycheck possibly hurt your Social Security income? Christy Bieber outlines two key ways being a high earner…
When the best-laid plans to file at 70 go awry
Most financial experts will tell you to wait until you are 70 to file for your Social Security benefits to maximize your benefits; however, the decision to delay Social Security may not be an option for you. Health issues may…